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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-12.5 (-05.5)  
 
  FN 3.5% Coupon   103-09.5 (-02)  
 
  Support   2.208%  
 
  Resistance   2.016%  
 
 
 
 
Friday, September 15, 2017
 
 
Treasuries are slightly lower across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.201% after closing at 2.186% prior.

Yesterday North Korea launched another missile over Japan that put the U.S. territory of Guam in range. The missile test came days after the United Nations approved harsher sanctions against North Korea. Despite this headline, markets largely overlooked the event showing that investors have become accustomed to North Korea's provocations. Safe haven assets actually weakened overnight as treasury yields inched higher, gold tumbled, and the Yen fell against every major currency.

In economic news, we received the Empire Manufacturing print for September, which edged just slightly lower to 24.40 from 25.20 prior, showing no slowdown in manufacturing activity. We also received the Retail Sales for August which came in weaker than expected across the board largely affected by Hurricane Harvey. Retail Sales Advance fell 0.20% following a downwardly revised 0.30% increase prior. Retail Sales Excluding Auto rose just 0.20% versus an expected increase of 0.50% per consensus, and Retail Sales Excluding Auto and Gas fell 0.10% following an unrevised 0.50% rise prior.

The curve has bear-flattened with the UST 10-Year up 1.5 bps from prior closing.

Have A Lovely Weekend!
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  09/11 No Data - - - - - -  
                   
  09/12 NFIB Small Business Optimism 03:00 Aug 104.80 105.30 105.20 -  
                   
  09/12 JOLTS Job Openings 07:00 Jul 6000 6170 6163 6116  
                   
  09/13 MBA Mortgage Applications 04:00 8 Sep - 9.90% 3.30% -  
                   
  09/13 PPI Final Demand MoM 05:30 Aug 0.30% 0.20% -0.10% -  
                   
  09/13 PPI Final Demand YoY 05:30 Aug 2.50% 2.40% 1.90% -  
                   
  09/13 Monthly Budget Statement 11:00 Aug -$119.00b -$107.70b -$107.10b -  
                   
  09/14 Initial Jobless Claims 05:30 9 Sep 300k 284k 298k -  
                   
  09/14 Continuing Claims 05:30 2 Sep 1965k 1944k 1940k 1951k  
                   
  09/14 CPI MoM 05:30 Aug 0.30% 0.40% 0.10% -  
                   
  09/14 CPI YoY 05:30 Aug 1.80% 1.90% 1.70% -  
                   
  09/14 Bloomberg Consumer Comfort 06:45 10 Sep - 51.90 52.60 -  
                   
  09/15 Empire Manufacturing 05:30 Sep 18.00 24.40 25.20 -  
                   
  09/15 Retail Sales Advance MoM 05:30 Aug 0.10% -0.20% 0.60% 0.30%  
                   
  09/15 Industrial Production MoM 06:15 Aug 0.10% -0.90% 0.20% 0.40%  
                   
  09/15 Capacity Utilization 06:15 Aug 76.70% 76.10% 76.70% 76.90%  
                   
  09/15 U. of Mich. Sentiment 07:00 Sep P 95.00 95.30 96.80 -  
                   
  09/15 Business Inventories 07:00 Jul 0.20% 0.20% 0.50% -  
                   
 
 
 
 
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